The loss is directly attributed to a 37.7% decline in gaming revenues as a result of multiple enforced closures and a substantial impairment charge on property costs and closures.
According to the report, revenues dropped to HK$6.46 billion (€779.4 million) including a 64.2% drop in VIP gross gaming revenue (GGR) to HK$486 million (€58.7 million). The reports also lists a 34.5% drop in mass market GGR to HK$5.55 billion (€669.5 million) and a drop of 22.5% slots GGR to HK$416 million (€50 million).
This resulted in an Adjusted EBITDA loss of HK$3.10 billion (€374 million) in 2022, up from the HK$1.58 billion (€190.3 million) loss reported in 2021.
Macau Casino Operator SJM Holdings Reports €941 Million Loss for FY22“2022 is also a milestone year, as we successfully tendered for a 10-year concession. With unwavering confidence in the future of Macau, we have committed to a MOP$14.0 billion (€1.68 billion) investment blueprint, out of which MOP$12 billion (€1.44 billion) has been earmarked for expanding international tourism and non-gaming tourism elements.
Macau Casino Operator SJM Holdings Reports €941 Million Loss for FY22
The report also gives a breakdown of revenues at individual properties with the recently opened Grand Lisboa Palace in Cotai enjoying a 73% year-on-year increase in revenues to HK$346 million (€41.6 million). However, it must be noted that 2022 was the first full year of operations at the property. Meanwhile the IR Grand Lisboa reported a significant drop of 50.4% in GGR to HK$1.07 billion (€128.7 million).
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.